Angelo Gordon wants around $60M for Cerritos Corporate Center

Los Angeles /
Jun.June 01, 2016 08:30 AM

The seven-building Cerritos Corporate Center is on the market.

The seller, investment firm Angelo, Gordon & Co., has tapped CBRE to shop the industrial park to potential buyers for up to $60 million, according to REAlert. The property, at 13810-13950 Cerritos Corporate Drive, totals 453,000 square feet and is nearly fully leased with 15 tenants.

Angelo Gordon bought the complex for $42.4 million, including the assumption of debt,  in 2013 in partnership with Crowsnest Properties. The complex was built in 1990.

CBRE is emphasizing the center’s “stability and upside potential,” according to REAlert. In the first year, the buyer’s annual yield would be 5.5 percent based off the $132 per square foot sale price.

A buyer could potentially raise the rents after leases expire, as rents are currently 6 percent below the market’s average asking rate. CBRE estimates that rent in the submarket will increase another 6.3 percent this year. Buildings could also be sold off individually. [REAlert] — Cathaleen Chen


Related Articles

arrow_forward_ios
Blackstone’s Jon Gray and 1777 Center Court Drive in Cerritos (Getty, Google Maps)
Blackstone sells Cerritos office building for $44M
Blackstone sells Cerritos office building for $44M
AvalonBay CEO Timothy Naughton and the complex
Apartment giant AvalonBay expands its portfolio in Cerritos
Apartment giant AvalonBay expands its portfolio in Cerritos
Clutch of buildings near Cerritos shopping center trades for $89.5M
Clutch of buildings near Cerritos shopping center trades for $89.5M
Clutch of buildings near Cerritos shopping center trades for $89.5M
West Coast Capital buys Cerritos office tower for $24M
West Coast Capital buys Cerritos office tower for $24M
West Coast Capital buys Cerritos office tower for $24M
With foothold in SoCal, packaging firm expands in Cerritos
With foothold in SoCal, packaging firm expands in Cerritos
With foothold in SoCal, packaging firm expands in Cerritos
Angelo, Gordon & Co sells Cerritos Corporate Center for $62M
Angelo, Gordon & Co sells Cerritos Corporate Center for $62M
Angelo, Gordon & Co sells Cerritos Corporate Center for $62M
Downtown Burbank's Transit Oriented Development Specific Plan (Photo via Downtown Burbank TOD/City of Burbank)
Burbank’s downtown specific plan could add thousands of units of housing around its Metrolink station
Burbank’s downtown specific plan could add thousands of units of housing around its Metrolink station
The San Pedro Fish Market is one of the top-grossing restaurants in the U.S. (Getty, Facebook via San Pedro Fish Market and Restaurant / Photo Illustration by Alison Bushor for The Real Deal)
San Pedro Fish Market plans new “supersize” restaurant
San Pedro Fish Market plans new “supersize” restaurant
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...